According to Oz Equities in a flash note, just through, "NAB has just announced the sale of its stake in AMP and in HHG in a block to Merrill Lynch while the St George stake is expected (rumored) to be sold
overnight".
This is clearly the end of Frank Cicuitto, with his resignation now very likely much sooner than later. The AMP foray was entirely his, whilst as Head of Australian Banking, he was instrumental in the NAB taking up the SGB stake (even though this was done on Don's watch).
The Australian interview was very controlled and appeared aimed at trying to placate the Board and in an effort to save his job. On this basis, look for much bigger changes in the NAB in the coming days.
According to Oz Equities in a flash note, just through, "NAB has...
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$35.96 |
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